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What I got from watching the recent hearings is an awareness that too much heaviness could drive crypto away into the arms of a more willing country. If America is conscious of losing their dollar hegemony they're also conscious that remaining a world capital of crypto is more of a benefit than the alternative.
I agree with this. Times of prohibition are gone, and, also, I'm sure that nothing like the Gold Reserve Act of 1934 will happen again. Democracy has evolved significantly since 1930s, and we should not be afraid of repetition of some atrocious acts that happened in the past, same as people in 1930s could be sure of not seeing burning witches at stakes in the center of the town. The positive changes have happened not because those who are in power are good people, but rather because people oppressed by them can cooperate better due to radio, then TV and now the Internet. Performing anti-democratic acts is now much more dangerous then it used to be. So, since banning Bitcoin is not an option, the only thing left is embracing it, which America will do if they want to remain the biggest power in the world.